According to a report filed by the Times this evening, the fabled iPhone nano isn’t any smaller than the current iPhone. In fact, it isn’t nano at all unless you consider its bill of materials. However, the report did corroborate other details of Apple’s soon to be released “value iPhone” which will likely just be the current iPhone 4 with cheaper components (like the iPod touch?).

Apple is also considering changing internal components of the device to bring costs down. “Although the innards of the phone, including memory size or camera quality, could change to offer a less expensive model, the size of the device would not vary,” said the person, who has worked on multiple versions of the device.

The current iPod touch 8GB retails for $229 so it might stand to reason that Apple could keep prices under $300 with the addition of some extra radios, considering the prices of components are always falling.

Reasons for not making a smaller iPhone include its difficulty to use and the fact that manufacturing prices wouldn’t drop significantly.

Another person with knowledge of Apple’s plans said that the company was actively building a more versatile version of its MobileMe service, which allows users to store music, photos and files online and have them accessible on all their devices.

The current version of MobileMe, which costs $100 a year, has failed to catch on with consumers. Rivals like Google and others offer similar services free.

The new version of MobileMe is expected to be free and would allow users to synch their files without using a cable.

In recent days, some published reports, citing anonymous sources, said that Apple was building a smaller iPhone. One report gave the code name of the project as N97. Several people with knowledge of Apple’s plans said that N97 was the code name for the VerizoniPhone 4, which was introduced this month.